ASSIREVI/ACCOUNTING COMPANIES (Start of investigation)
PRESS RELEASE
The Antithrust Authority will initiate an investigation of an alleged agreement among the most important accounting companies
The Italian Antitrust Authority has initiated an investigation of the Italian Association of Public Accountants (ASSIREVI) and of the accounting companies who are members of it, to ascertain if alleged violations of Art. 2 of Law No. 287/90 which forbids agreements restricting competion have taken place. The Italian affiliates of the six largest public accounting groups of the world (Arthur Anderson, KPMG, Coopers & Lybrand, Price Waterhouse, Deloitte Touche and Ernst & Young) are all found among the members of ASSIREVI and they handle 90% of the business of those entities in Italy which are recquired to have outside accountants.
The alleged violations of Art. 2 of Law No. 287/90 are of two separate types. The first is related to the prices set for the services offered on the market by the members of ASSIREVI. The second concerns, more generally, the coordination of competitive behaviour by the members.
The investgation will be concluded by 30 June 1999.